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Introduction & Market Context
Bumrungrad Hospital PCL (BH) presented its second quarter 2025 financial results on August 4, 2025, highlighting a record EBITDA margin despite facing revenue challenges. The Bangkok-based healthcare provider, known for its international patient base, reported mixed results as it navigates shifting patient demographics while maintaining operational efficiency.
The hospital’s stock closed at 189.5 baht, up 0.5 baht or 0.26%, suggesting a neutral market reaction to the results. The company’s share price has traded between 130 and 284 baht over the past 52 weeks, indicating significant volatility in investor sentiment toward the healthcare provider.
Quarterly Performance Highlights
Bumrungrad Hospital achieved a company record EBITDA margin of 41.6% in Q2 2025, demonstrating strong cost control despite revenue headwinds. Total (EPA:TTEF) revenue decreased by 3.6% year-over-year to 6,104 million baht, while net profit declined by 3.8% to 1,858 million baht.
The hospital maintained a healthy dividend payout, increasing to 44% of EPS for the first half of 2025 compared to 41% in the same period of 2024, with a dividend of 2 baht per share.
As shown in the following financial highlights table, the company’s performance reflects resilience in maintaining profitability margins despite top-line pressure:
Patient revenue mix continued to be dominated by international patients, though their proportion decreased slightly compared to previous periods. In Q2 2025, non-Thai patients accounted for 64% of net patient revenue, down from 66% in Q2 2024, while Thai patients represented 36%, up from 34%.
The following chart illustrates the breakdown of net patient revenue by nationality for Q2 2025:
Detailed Financial Analysis
Revenue from non-Thai patients declined by 6.6% year-over-year in Q2 2025, while Thai patient revenue remained relatively stable with only a 0.2% decrease. Middle East revenue, which represents a significant portion of the hospital’s international business, fell by 12.4% compared to Q2 2024, though the company noted a 23% sequential improvement versus Q1 2025.
The following table provides a detailed breakdown of revenue changes across the top 10 non-Thai nationalities, showing mixed performance with some markets growing while others contracted:
Despite the overall revenue decline, Bumrungrad’s consolidated financial performance demonstrated resilience, particularly in maintaining strong margins. The following chart shows the hospital’s total revenue performance:
The company’s EBITDA reached 2,537 million baht in Q2 2025, a slight decrease of 1.6% from Q2 2024, while the EBITDA margin improved to a record 41.6% from 40.7% in the same period last year:
Net profit for Q2 2025 was 1,858 million baht, down 3.8% year-over-year, with a net profit margin of 30.4%, nearly unchanged from 30.5% in Q2 2024:
Bumrungrad maintained a strong balance sheet with a negative net debt to EBITDA ratio of -0.2x and a negative net debt to equity ratio of -0.1x as of 1H 2025, indicating a cash-positive position. Total cash and investments reached 14,907 million baht in 1H 2025, up from 12,262 million baht in 1H 2024.
Strategic Initiatives
Bumrungrad Hospital continues to enhance its reputation through international recognition and accreditations. The hospital improved its rankings in Newsweek’s Best Specialized Hospitals Asia Pacific 2025 across multiple specialties, achieving #1 in Thailand in several categories including Cardiology, Endocrinology, Oncology, Orthopedics, Pediatrics, and Pulmonology:
The hospital also received its third Advanced HA Re-accreditation, valid from May 23, 2025, to May 22, 2029, and obtained Joint Commission International certifications for its Heart Failure and Breast Cancer programs.
Bumrungrad is investing in advanced medical technology, particularly in robotic-assisted surgery. As of July 15, 2025, the hospital had performed 24 robotic-assisted surgeries across various specialties, with 23 surgeons trained and granted privileges to use the da Vinci (EPA:SGEF) Xi robotic surgery system:
In May 2025, the hospital launched its new Advanced Arthritis & Arthroplasty Center, focusing on comprehensive care with internationally recognized orthopedic specialists and advanced robotic-assisted surgical technology:
The hospital also implemented a successful Disease Screening Campaign from May to August 2025, achieving 97% of its target with 197 million baht in revenue over four months, focusing on targeted detection with downstream care pathways for abnormal findings.
Forward-Looking Statements
Looking ahead, Bumrungrad Hospital is focusing on strengthening its position in both domestic and international markets. The company highlighted the sequential improvement in Middle East market share revenue in Q2 2025 compared to Q1 2025, with significant growth in key markets including UAE (46%), Saudi Arabia (54%), and Oman (28%).
The hospital continues to invest in specialized centers of excellence and advanced medical technologies to maintain its competitive edge. Management expects these investments, along with strategic marketing initiatives targeting both Thai and international patients, to support future growth.
Bumrungrad’s strong financial position, with substantial cash reserves and minimal debt, provides flexibility for potential expansion opportunities and continued investment in cutting-edge medical equipment and facilities.
The hospital’s focus on maintaining operational efficiency, as evidenced by its record EBITDA margin, suggests that it is well-positioned to navigate the challenging market environment while continuing to deliver high-quality healthcare services to its diverse patient base.
Full presentation:
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